10May

IForex Market Trading Signals and News – 10 May 2016

MARKET UPDATES :

  • Forex – Dollar hits 2-week high vs. yen on intervention warning
  • Forex -Yen hits 10-day low on intervention warning
  • Forex-Dollar pushes higher against yen, euro steady

EUR/USD
The shared currency keeps its recovery mode intact against its American counterpart in late-Asia, taking EUR/USD above 1.14 handle.EUR/USD trades modestly flat at fresh session highs of 1.1411, making another attempt towards 1.15 handle. The main currency is seen consolidating the downside as dust settles over the NFP aftermath, with the major catching fresh bid tone in recent dealings amid broad based US dollar retreat.The greenback wiped-out gains against its major competitors and now trades muted, underpinning the recovery in EUR/USD. Moreover, mixed market sentiment amid higher oil prices and subdued Asian equities also lifts the safe- haven bids for the EUR.Meanwhile, focus turns towards the German factory orders data amid a data-dry trading calendar today. Besides the Euro group meetings will be closely watched for any news on EU referendum ahead of the US LMCI release.

GBP/USD
The GBP/USD pair trades around a flat-line in early Europe, falling every attempt to take-out 1.4450 levels, as a lack of fresh fundamental drivers fails to aid the recovery from near 1.44 handle.The GBP/USD pair trades modestly flat at 1.4426, reversing a spike to 1.4440 levels. The cable fails to sustain at higher levels and reverts in the red zone on the back of a broadly higher US dollar, with markets having largely shrugged-off weak US employment report. The USD index trades +0.05% higher at 93.90 levels.The GBP/USD pair consolidates near ten-day lows, although holds 1.44 handle, having found some respite from rallying oil prices on mounting Canadian wildfire induced supply disruption worries. Nothing of note for the major in the day ahead except for the second-liner data in the UK Halifax HPI and US labour market conditions report.

RECOMMENDATION :

  • BUY GBP/USD AROUND 1.4380 TARGET 1.4420 1.4480 SL 1.4350
  • SELL GBP/USD AROUND 1.4510-1.4520 TARGET 1.4460 1.4400 SL 1.4540

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